- ETH price continued its upside move against the US dollar, and traded above the $8.20 level.
- There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $8.15-10.
- One may consider buying dips as long as the price is above the $8.00 support.
Ethereum price managed to gain further traction and moved above the $8.20 resistance. More gains are possible in ETH/USD since buyers are in control.
Ethereum Price Buy Dips
There were further gains in ETH price against the US Dollar, as the price broke yesterday’s high of $8.003 and moved above the $8.20 resistance area. A new weekly high of $8.37 was formed. The price is currently correcting lower, but it may find buyers on the downside. An initial support is around a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
The highlighted trend line support is playing well, and one may consider buying near it. However, there is a chance of a correction towards the 23.6% Fib retracement level of the last wave from the $6.87 low to $8.37 high as well. So, one must not aggressive while buying near the trend line support. In the worst case, there can be a proper corrective wave in which the price could retest the $7.80 support.
The stated support also coincides with the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.37 high. Let us see how the price trades near the trend line. Depending on the price action and reaction, buyers may take a stand. On the upside, the next major hurdle is around $8.50.
Hourly MACD – The MACD is strongly in the bullish slope, but slowly decreasing.
Hourly RSI – The RSI is moving down towards the 50 level.
Major Support Level – $8.00
Major Resistance Level – $8.50
Charts courtesy – SimpleFX